CVBF vs FRME: Correlation
How closely do CVB Financial Corporation (CVBF) and First Merchants Corporation (FRME) trade together? Their weekly returns over three years give a correlation of 0.87, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CVBF and FRME?
Over the past 3 years, CVBF and FRME moved with a correlation of 0.87, which is very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.84 over 1 year against 0.87 over 3. Over 5 years the correlation is 0.80, and the annualized covariance of weekly returns is 775.6 %².
FRME is one of the assets that tracks CVBF most closely: it ranks #2 out of the 16 assets we track against CVBF. The trailing year gives CVBF the advantage: +13.6% versus +3.5%, a 10.1-point spread.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
CVBF vs FRME: side by side
| CVBF (CVB Financial Corporation) | FRME (First Merchants Corporation) | |
|---|---|---|
| 1-year return | +13.6% | +3.5% |
| 5-year return | +34.8% | +22.0% |
| Volatility (ann.) | 29.8% | 29.8% |
| Beta vs S&P 500 | 0.82 | 0.78 |
| Max drawdown (3Y) | -30.2% | -23.9% |
| Market cap | $3.9B | $2.6B |
| P/E (trailing) | 15.5 | 13.4 |
| Dividend yield | 3.57% | 3.48% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CVBF | FRME |
|---|---|---|
| 2022 | +24.0% | +1.1% |
| 2023 | -18.5% | -5.8% |
| 2024 | +11.9% | +11.8% |
| 2025 | -9.4% | -2.5% |
| 2026 | +22.2% | +13.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CVBF and FRME good diversifiers for each other?
Not really. At 0.87, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between CVBF and FRME?
The CVBF/FRME correlation stands at 0.87 on a 3-year window (1 year: 0.84, 5 years: 0.80), computed from weekly returns as of 2026-08-27.
Is FRME a good diversifier for CVBF?
Not really. At 0.87, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.87 mean?
On the −1 to +1 scale, 0.87 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cvbf-vs-frme.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cvbf-vs-frme/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CVBF correlations · FRME correlations
